Franklin advises Mathieu Macheret and the Getsprint group on taking over Imprimeries de Champagne.
In France, the debtor and the directors of a company in reorganization are automatically barred from tendering to take over its assets and business (Article L 642-3 of the Commercial Code).
It is within this restrictive legal framework that our Restructuring team, headed by Numa Rengot, assisted Mr. Macheret, CEO of Imprimeries de Champagne, a commercial printing company placed in reorganization on November 18, 2019, in his bid to take over the assets and business of the company.
Mr. Macheret, who had served the company as R&D manager since October 1, 2013, was appointed to double as CEO on October 31, 2018. Upon taking office, he filed a petition for the reorganization of the company, whose financial difficulties could not be attributed to him.
As a de jure director, he was prohibited under Article L 642-3 of the Commercial Code from taking over the business. His bid therefore required the approval of the State Counsel (Procureur de la République), which Mr. Macheret obtained on November 13, 2019.
However, the bid submitted by Mr. Macheret on October 4, 2019, was tabled jointly with Gestprint. The two bidders, joined by three executive employees of the company, set up Imprimeries de Champagne Nouvelle for the purpose of the takeover.
One last hurdle remained: the bid could not succeed unless it came with an agreement with the shareholder of Imprimeries de Champagne who still owned some of the assets and contracts necessary to operate the business.
All requirements having been met, the takeover bid was approved by the Commercial Court of Chaumont on December 19, 2019.
It will not only give a new boost to the major printing company founded in 1975, but will also save the jobs of 2/3 of its staff (49 employees) and Imprimeries de Champagne Nouvelle has made a commitment to give rehiring priority to former employees when it rolls out its various development plans.